The overall crypto market over the weekend managed to show some healthy upside. It has managed to recover over 5% over the past two days. According to CoinMarketCap, the global crypto market cap stands at around $981 billion. However, the total crypto market volume over the last 24 hours is $62.67 billion, which makes a 2.21% decrease.
The total volume in DeFi is currently $5.65 billion, 9.02% of the total crypto market 24-hour volume. The volume of all stable coins is now $56.90B, which is 90.79% of the total crypto market 24-hour volume.
Check out latest Bitcoin INR Price , Chart, and Data.
Almost all major coins were trading in the green over the past day, thanks to a good leg up by Bitcoin and the altcoin king, Ethereum. In line with the global market cap, Bitcoin (BTC) saw a hike of about 4.7% over the weekend while Ethereum, became the star of the show rallying over 10% amid news of Ethereum Merge. Bitcoin is currently standing slightly $21,400 while Ethereum is currently trading at an impressive $1420.
Check out latest Ethereum INR Price , Chart, and Data.
Apart from these flagship coins, a bunch of other coins also managed to show great returns over the weekend too. One of the biggest gainers from the top 100 cryptos include Ethereum Classic (ETC) which rallied over 25% in the past two days and over 42% is we consider its rally that began late on 15 July, 2022. Another major gainer over the past two days has been Polygon’s MATIC token which is currently trading at around $0.88, up around 22% over the weekend. In fact MATIC has had an astounding week, up nearly 60% in the past 7 days alone!
Along with those there were a bunch of other alts that did well too, including, ApeCoin (APE), Avalanche (AVAX) and Lido DAO token, each up 10.2%, 7.33% and 12.3% as of writing this. Overall the past week has been really good for the crypto market as a whole.
CRYPTO MARKET TODAY AT A GLANCE
|
Global crypto market cap |
$981 billion |
|
Rise/Fall in crypto market cap |
5% (Sat-Sun) |
|
Global DeFi TVL |
$98.5 billion |
|
Rise/Fall in DeFi TVL |
1.32% |
|
Bitcoin Price |
$20,440 |
|
Bitcoin Dominance |
41.4% |
|
Ethereum Price |
$1,420 |
TOP CRYPTO NEWS
1. CENTRAL AFRICAN REPUBLIC DESIGNATED BITCOIN AS RESERVE ASSET
The Central African Republic (CAR) has initiated a plan to leverage Bitcoin as a reserve asset as part of the country’s efforts to embrace cryptos and blockchain technology as tools to bolster the debilitated economy. This comes soon after the flagship coin was recently approved as legal tender in the African state following a proposal from key lawmakers. The nation has also launched its Sango coin and sidechain project to complement and power crypto adoption nationwide.
2. PARAGUAY’S CRYTO BILL SOON TO BE RATIFIED AS A LAW
The Paraguayan Senate passed a bill on 14 July to establish a tax and regulatory framework for businesses operating in the crypto and the crypto mining sectors. This is seen as a major move by the government and it is just one step away from becoming a law, awaiting the President’s sign for ratification.
The bill, introduced last July by Senator Fernando Silva Facetti and passed in Congress in May before reaching the Senate, calls for the formation of the Ministry of Industry and Commerce (MIC) to oversee crypto industry service providers.
3. BITCOIN MINERS SELLING RESERVES?
Bitcoin, the world’s largest and the most popular crypto, despite its recent price recovery, is finding it difficult to lure miners and prevent the exodus. A analysis of miner reserves has indicated that Bitcoin miners withdrew a large number of coins (over 14,000 BTC to be precise) from their wallets, indicating they may be planning to sell.
Additional Read:
Bitcoin Production Cost Drops to 13K
ETH Price Surges after Merge Release Date Announcement
Terra Projects moving to Polygon
GLOBAL CRYPTO MARKET OVERVIEW
Overall the crypto market has gained over 17% in the past week alone
Total Crypto Market Cap | Source: Tradingview
The past week has been quite an achievement in terms of gains recorded. As is evident from the chart, the market has made gains nearly everyday in the past week except for one single day, but losses were very marginal. Overall the crypto market has gained over 17% in the past week alone.
Continuing from the analysis from 15 July, we can expect the coming week to be along similar lines as well. Why? Because the overall market cap has managed to break out from the trendline resistance (marked in orange) convincingly. However, if it is able to sustain above it, and even break out of the 50-day moving average which is very close to current prices, a short term flip in trend can be expected going forward.
The Relative Strength Index also seems to be in a comfortable place for a continuing rally on the charts. So this indicator also suggests that we can see a continuing leg up before seeing some profit booking.
BITCOIN PRICE TODAY
BTC/USD | Source: Tradingview
Bitcoin (BTC) has been leading the market rally over the past week and the technical structures is pretty close to the broader market structure too, with slight differences. A breakout for Bitcoin price over the $21,800 mark would provide a good trigger for a major upward move in BTC. Over the past week, BTC price managed to breakout of the downward trendline resistance (marked in orange) and is very close to breaching the supply zone (marked in blue).
Over the next week if it is able to break out over that, and consecutively the 50-day moving average – a major leg up may be seen. The Relative Strength Index also should provide some support going forward.
TOP CRYPTO PRICES TODAY, 18th July, 2022:
TOP GAINERS
| ASSET | GAINS |
| ETHEREUM CLASSIC (ETC-INR) | 17% |
| POLYGON (MATIC-INR) | 16% |
| LIDO DAO (LDO-USDT) | 12.8% |
| APECOIN (APE-INR) | 10.2% |
| AVALANCHE (AVAX-INR) | 7% |
TOP LOSERS:
| ASSET | LOSSES |
| ZCASH (ZEC-INR) | -1.4% |
| CURVE DAO (CRV-INR) | -1.25% |
| THE SANDBOX (SAND-INR) | -0.65% |
| STELLAR (XLM-INR) | -0.5% |
CRYPTO MARKET: THE WEEK AHEAD
Summarising from the above points, we can expect the week ahead to be moderately bullish. From broader crypto market technical structures to Bitcoin’s (BTC) recovery can act as strong triggers for a healthy recovery going ahead. Along with Bitcoin, many of the major altcoins like MATIC, Ethereum, and Ethereum Classic lending in their support will also help the market stand on its own two feet and not react adversely to small bearish news.
Prices as of 18th July, 2022
Additional Read: Ethereum Merge Release Date
Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.
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